Time for a Visible Hand: Lessons from the 2008 World Financial Crisis
- Griffith-Jones, Stephany(University Professor Columbia University, Financial Markets Program Director, Initiative for Policy Dialogue)Ocampo, Jose Antonio(Professor and Co-President Initiative for Policy Dialogue at Columbia University)Stiglitz, Joseph E.(Professor and Co-President Initiative for Policy Dialogue at Columbia University)
AbstractThe financial crisis, which originated in developed country financial markets, quickly spread to developing countries. Governments and central banksthough taking many and costly measures were powerless to stop the global economic meltdown, as economies across the globe went into recession. The depth of the financial crisis means that the world economy is in unchartered territory. How do we restore robust growth and prevent another crisis? This book aims to systematically understand current major problems in the financial system, its governance, and in its links to global economic imbalances. It explains how both market actors and regulators behavior, and the prevailing ideology of extreme financial liberalization and deregulation, contributed to the financial crisis. This highly topical book focuses on the transparency and regulatory measures that are necessary to restore confidence in the financial system, to ensure that the financial system performs the roles that it should perform within both developing and developed countries, and to make a recurrence less likely. The book also describes reforms in the global financial architecture that might make the global financial system more stable and more equitable. The book presents sometimes radical, but specific, pragmatic, and politically feasible proposals to try to ensure a more stable, equitable, and growing world economy. Contributions come from both developed and developing countries and are written by leading authorities in their field, including senior nationalas well as internationalpolicy makers, practitioners from the private sector, and leading academics. Contributors to this volume - Stephany Griffith-Jones, Columbia University Jose Antonio Ocampo, Columbia University Joseph E. Stiglitz, Columbia University and Brooks World Poverty Institute Gerald Caprio, Jr., Williams College Jan Kregel, The Levy Economics Institute of Bard College Philip Turner, Bank for International Settlements Jane d'Arista, Director of Programs for the Financial Markets Center Avinash D. Persaud, Chairman of Intelligence Capital Limited, Chairman of the Warwick Commission, Co-Chair of the OECD EmNet and Professor Emeritus, Gresham College. C.A.E. Goodhart, Financial Markets Group and London School of Economics. Perry Mehrling, Barnard College, Columbia University Marion Williams, Governor of the Central Bank of Barbados Yilmaz Akyuz, Former Director, Division on Globalization and Development Strategies, UNCTAD, Geneva Y.V. Reddy, Former Governor of the Reserve Bank of India Roberto Frenkel, Principal Research Associate at CEDES and Professor at the University of Buenos Aires Martin Rapetti, CEDES and University of Massachusetts, Amherst Fernando J. Cardim de Carvalho, Institute of Economics, Federal University of Rio de Janeiro Bruce Greenwald, Columbia University
- Griffith-Jones, Stephany & Ocampo, Jose Antonio & Stiglitz, Joseph E. (ed.), 2010. "Time for a Visible Hand: Lessons from the 2008 World Financial Crisis," OUP Catalogue, Oxford University Press, number 9780199578818.Handle: RePEc:oxp:obooks:9780199578818
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- Rogerio Andrade & Daniela Prates, 2013. "Exchange rate dynamics in a peripheral monetary economy," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(3), pages 399-416.
- Khan, Haider, 2013. "Global Financial Governance: Towards a New Global Financial Architecture for Averting Deep Financial Crises," MPRA Paper 49275, University Library of Munich, Germany.
- Loredana RADU, 2013. "America’s Economic Crisis and Europe’s Hamletian Dilemma," Management Dynamics in the Knowledge Economy Journal, College of Management, National University of Political Studies and Public Administration, vol. 1(1), pages 143-156, May.
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- Sherstnev, Mikhail, 2013. "World economy, economics and economic policy: what emerges after the crisis?," MPRA Paper 49019, University Library of Munich, Germany.
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- Khan, Haider, 2013. "Constructing a New Global Economy after the Global Financial Crisis : Stagnation and Social Crisis or Towards a Green Economy and Global Freedom?," MPRA Paper 49516, University Library of Munich, Germany.
- Stephany Griffith-Jones, 2014. "Pour une libéralisation prudente du secteur financier : implications en matière de politique économique," Revue d’économie du développement, De Boeck Université, vol. 22(2), pages 81-112.
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- Khan, Haider, 2013. "Basel III, BIS and Global Financial Governance," MPRA Paper 49513, University Library of Munich, Germany.
- Stiglitz, Joseph E. & Yifu, Justin & Monga, Celestin, 2013. "The rejuvenation of industrial policy," Policy Research Working Paper Series 6628, The World Bank.
- Joseph E. Stiglitz, 2011. "Rethinking Macroeconomics: What Failed, And How To Repair It," Journal of the European Economic Association, European Economic Association, vol. 9(4), pages 591-645, August.
- Undp, 2011. "HDR 2011 - Sustainability and Equity: A Better Future for All," Human Development Report (1990 to present), Human Development Report Office (HDRO), United Nations Development Programme (UNDP), number hdr2011, diciembre.
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